OTCPicks.com’s Stock Pick of the Day – Spongetech Delivery Systems (SPNG)
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Today’s Hot Stock is Spongetech Delivery Systems (OTCBB: SPNG)
Detailed Quote: http://www.otcpicks.com/quotes/SPNG.php
Company Profile: http://www.otcpicks.com/spongetech/spongetech.htm
Listen to the Exclusive Executive Interview: http://www.otcpicks.com/interviews/SPNG_022508.htm
SpongeTech Delivery Systems is a production stage company which designs, produces, markets and distributes cleaning products for vehicular use utilizing patented technology relating to sponges containing hydrophilic (liquid absorbing) foam polyurethane matrices. The Company's sponges are specially configured with an outer contact layer and an inner matrix, which is loaded with specially formulated soaps and wax that are released when the sponge is applied to a surface with minimal pressure. The Company's products are currently designed specifically for vehicular cleaning use. However, the Company is exploring the possibility of using its patented technology for the development of sponges for other uses, including for use with anti-bacterial, bath and kitchen soaps for household uses, as well as for use as a children's bath foam sponge.
March 4 - SpongeTech Delivery Systems, Inc. Gets a $2,750,000 Re-order from its U.S. Asia Distribution Company, Inc. First 10,000 Units Sold Out in 25 Days!
SpongeTech Delivery Systems, Inc. (OTC Bulletin Board: SPNG - News) announced today the re-order of $2,750,000 of its Auto Care Products from U.S. Asia Distribution Company, Inc. The Distribution Company had the first delivery of 10,000 units in December 2007, and had a 93% sell through in just 25 days. They distributed the SpongeTech products to 325 outlets. The re-order, for 250,000 units, is scheduled for delivery between August and December 2008. According to Tom Chang, CEO of U.S. Asia Distribution Company, Inc., there was great acceptance and enthusiasm of the SpongeTech Auto Care Products. He expects the same enthusiasm as they begin selling the products on TV in Australia.
Steven Moskowitz, COO of SpongeTech, commented, "We are pleased with this re-order as we continue to expand and grow our Company. We are also in the process of testing the SpongeTech Pet Sponge and Puddle Pals in Asia and hope to see the same acceptance and enthusiasm with these products as well."
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Forward-Looking Statement: This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
Disclosure: OTCPicks.com has been compensated seventeen thousand dollars by the company and four hundred thousand free trading shares by a non-controlling third party for multiple 30-day SPNG IR programs.
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